I recently closed on a BEAUTIFUL 4 plex in Northwest Arkansas. 

“It’s a beautiful day”.McRib plus $1 for second sandwich back on the menu.Realtor called.  

What is typical IRR for pretty good multi-family real estate options that are more turnkey in nature than fixer uppers?  

Was it something financial, operational, or maybe just human nature showing up in your deal?

I never did like the concept of having to buy within a specific time period to do a 1031.We looked at various states for landlord favorability, cash flow, property taxes, natural disasters, livability, population inflow, etc.

But not perilously - 3 years ago I ran a few experiments on super cheap specials, short night minimums, etc and didn't like the quality or nature of guests I was getting, and I didn't make enough extra money to warrant the approach. 

This will require at least 21% ownership for a natural person. 

I had already read his 500 page book, so naturally we talked about renting and tenants. 

Prohibited Transactions: The IRS considers certain transactions prohibited, either by the nature of the transaction itself or who the transaction is with (known as disqualified persons).

People can't afford LA or Santa Clarita so naturally they would keep going.